Samedaybooks Agrees to Takeover

By Carmen 

The Bookseller reports that Samedaybooks, the small chain of bookshops also known as Methvens, has agreed to a takeover from one of its investors. Charles Denton, who owns 5% of the business, is to pay 1.02m pounds for the troubled retailer and aims to use his retail experience to turn the business around. David Mahony, chairman of Samedaybooks, said: “The board fully supports Charles Denton’s cash offer. Currently Samedaybooks has neither the ongoing management nor the cash resources to grow in what remains a very competitive market. The offer represents an attractive opportunity for shareholders to realise their investment and the directors unanimously recommend shareholders to accept the offer.”